Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 1   Life insurance companies

Part 1   Amendments commencing on 30 June 2000

Income Tax Assessment Act 1997

36   Subsection 320-170(3)

Repeal the subsection, substitute:

(3) The assets segregated must have, as at the time of the segregation, a total *transfer value that does not exceed the sum of:

(a) the company's *virtual PST liabilities as at that time; and

(b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of the assets segregated.